Learning Outcomes
After reading this article, you will be able to identify and apply the statutory requirements for excepted estates, including the criteria for small and exempt estates, the relevant inheritance tax thresholds, and the procedural steps for obtaining a grant of representation without a full inheritance tax account. You will also be able to distinguish between categories of excepted estates and understand the implications for personal representatives.
SQE1 Syllabus
For SQE1, you are required to understand the legal and procedural framework for excepted estates in the context of grants of representation. Focus your revision on:
- the statutory definitions and categories of excepted estates (including small and exempt estates)
- the inheritance tax thresholds and exemptions relevant to excepted estates
- the procedural requirements for personal representatives, including forms and deadlines
- the implications of domicile and cross-border estates for excepted status
- the effect of excepted estate status on the need to file a full inheritance tax account
Test Your Knowledge
Attempt these questions before reading this article. If you find some difficult or cannot remember the answers, remember to look more closely at that area during your revision.
- What is the current nil-rate band threshold for an estate to qualify as a small excepted estate?
- Which form must a personal representative submit for a small excepted estate in England and Wales?
- True or false? An estate left entirely to a surviving spouse can be an excepted estate even if its value exceeds the nil-rate band.
- What is the maximum value of UK assets for an estate of a non-UK domiciled deceased to qualify as an excepted estate?
Introduction
When a person dies, their estate may qualify as an excepted estate, meaning there is no requirement to submit a full inheritance tax account to HMRC before obtaining a grant of representation. Excepted estates are divided into categories, most commonly small estates (below the nil-rate band) and exempt estates (where exemptions apply, such as assets passing to a spouse or charity). Understanding the criteria and procedures for excepted estates is essential for efficient estate administration and compliance with statutory obligations.
Key Term: excepted estate An estate that meets statutory criteria so that no full inheritance tax account is required for the grant of representation.
Categories of Excepted Estates
Excepted estates fall into three main categories for SQE1 purposes:
1. Small Estates
A small estate is one where the gross value of the estate does not exceed the current nil-rate band for inheritance tax. For deaths in the 2023/24 tax year, this threshold is £325,000.
Key Term: nil-rate band The inheritance tax threshold below which no inheritance tax is charged on an estate.
All assets owned by the deceased are included in the gross value, without deducting liabilities. If the total is at or below the nil-rate band, the estate is a small excepted estate.
2. Exempt Estates
An exempt estate is one where, after applying exemptions (such as the spousal or charitable exemption), the net value does not exceed the nil-rate band. The most common scenarios are:
- All assets pass to a surviving spouse or civil partner (spousal exemption)
- All assets pass to registered charities (charitable exemption)
Key Term: spousal exemption An inheritance tax exemption for assets passing to a surviving spouse or civil partner.
If, after deducting these exemptions, the estate is within the nil-rate band, it is an exempt excepted estate.
3. Estates of Non-UK Domiciliaries
If the deceased was domiciled outside the UK, only their UK assets are considered. The estate is excepted if the total UK assets do not exceed £150,000.
Key Term: domicile A person's permanent home for legal purposes, affecting the scope of inheritance tax on their estate.
Procedural Requirements for Excepted Estates
Forms and Documentation
For excepted estates in England and Wales, the personal representative must submit the IHT205 form (or its online equivalent) to confirm that the estate qualifies as excepted. This form is submitted with the probate application and includes details of the deceased, assets, liabilities, and beneficiaries.
Key Term: personal representative The person(s) responsible for administering the deceased's estate (executor or administrator).
In Scotland, the equivalent is the C5 form for small or exempt estates.
Deadlines and Distribution
Personal representatives should not distribute the estate until at least six months after the grant of representation, as claims may be made under the Inheritance (Provision for Family and Dependants) Act 1975 during this period.
Key Term: grant of representation The legal document authorising a personal representative to administer the estate (probate or letters of administration).
Inheritance Tax and Excepted Estates
Nil-Rate Band and Residence Nil-Rate Band
The nil-rate band is currently £325,000. If the deceased was predeceased by a spouse or civil partner who did not use their nil-rate band, the unused portion can be transferred to the surviving spouse's estate, potentially doubling the threshold.
Key Term: residence nil-rate band An additional inheritance tax allowance for estates passing a main residence to direct descendants.
The residence nil-rate band (RNRB) is an extra allowance (currently up to £175,000) when a main residence is left to direct descendants. Both the nil-rate band and RNRB are relevant when calculating whether an estate is excepted.
Tax Rates and Exemptions
If the estate exceeds the nil-rate band (and any available RNRB), inheritance tax is charged at 40% on the excess. If at least 10% of the net estate is left to charity, the rate is reduced to 36%.
Key Term: charitable exemption An inheritance tax exemption for assets left to registered charities.
Worked Example 1.1
Scenario:
Sarah dies leaving an estate worth £300,000, consisting of a house (£250,000), savings (£40,000), and personal effects (£10,000). She leaves everything to her son.
Question:
Does Sarah's estate qualify as a small excepted estate?
Answer:
Yes. The gross value (£300,000) is below the nil-rate band (£325,000), so the estate is a small excepted estate. No inheritance tax account is required.
Worked Example 1.2
Scenario:
James dies with an estate worth £600,000, leaving everything to his wife.
Question:
Is James's estate an excepted estate?
Answer:
Yes. Although the estate exceeds the nil-rate band, all assets pass to the spouse and are exempt. The estate is an exempt excepted estate.
Worked Example 1.3
Scenario:
Maria, domiciled in Italy, dies owning a UK flat worth £120,000 and a UK bank account with £20,000.
Question:
Does Maria's estate qualify as an excepted estate?
Answer:
Yes. The total UK assets (£140,000) are below the £150,000 threshold for non-UK domiciliaries, so the estate is excepted.
Exam Warning
For SQE1, remember that the gross value for a small excepted estate is calculated before deducting liabilities. Do not confuse gross and net values in exam questions.
Revision Tip
When revising, focus on the current nil-rate band and the main exemptions (spouse, charity). Know the forms required for excepted estates and the relevant thresholds.
Key Point Checklist
This article has covered the following key knowledge points:
- The definition and categories of excepted estates (small, exempt, non-UK domiciliary)
- The current nil-rate band and its application to excepted estates
- The main exemptions (spousal and charitable) and their effect on estate status
- The procedural requirements for personal representatives, including forms and deadlines
- The inheritance tax implications for excepted estates, including transferability of nil-rate bands
- The importance of correctly identifying domicile and cross-border issues
Key Terms and Concepts
- excepted estate
- nil-rate band
- spousal exemption
- domicile
- personal representative
- grant of representation
- residence nil-rate band
- charitable exemption